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January listings on Realestate.co.nz running at similar levels to last year, but Auckland looking like a buyer’s market

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Here is another interesting Wellington real estate related news article that we thought may provide you with helpful information.

The housing market appears to be starting 2019 with new listings and the amount of stock available at similar levels to the start of last year, according to the latest data from Realestate.co.nz.

The property website reported it received 7527 new listings in January, up just 0.5% compared to January last year.

And there were a total of 24,878 residential properties available for sale on the website at the end of January, down 2.5% compared to January 2017.

That suggests a reasonably steady market, because there hasn’t been a rush of new listings and a build up of unsold stock, which could point to a property market downturn.

And there hasn’t been a major decline in stock either, which could indicate a shortage of properties and an overheating market.

So it appears to be steady as she goes, although the figures suggest some significant regional differences.

In Auckland, Hawke’s Bay, Taranaki, Wairarapa and Central Otago/Lakes, new listings and inventory levels were both up compared to January last year, suggesting buyers in those regions will have a reasonable choice of homes to buy.

That should take some of the pressure off prices in those regions.

But in the Waikato, Coromandel, Bay of Plenty, Gisborne, Manawatu/Whanganui, West Coast, Canterbury, Otago and Southland, new listings and inventory levels were both down compared to January last year, suggesting the market is firmer in those regions.

The average asking price of the new listings the website received in January was $695,116, a record high and up 3.3% compared to December.

However in Auckland the average asking price was up just 0.7%, and in Taranaki it was up just 0.1%.

“The Auckland market is favouring buyers, with a fresh injection of new listings, a flattening in the average asking price and a slowdown in the time it takes for properties to sell,” Realestate.co.nz spokesperson Vanessa Taylor said.

See the charts below for the full regional listing, stock and asking price figures.

Continue reading this article at the original source from Interest.co.nz

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